Posted on July 2nd, 2009 at 10:22 am by Alfonso Esparza
The Department of Labor reported this morning the loss of 467,000 positions well above the forecast of 320,000 jobs lost That loss pushes the unemployment rate up to 9.5% the highest in more than 25 years. All sectors reported lower employment figures and as the recession enter its 20th consecutive month.
So far the government's stimulus has not worked and the mirage of May's employment figure pointing to a recovery that now seems premature. ... Read more »
Posted on July 2nd, 2009 at 10:01 am by Scott Boyd
Oil Falls on Weak Employment News
Oil prices dropped below 67 dollars a barrel in New York today as an unexpected increase in US unemployment forced many to face the likelihood that meaningful recovery in the world's largest economy is still on hold. More
US Unemployment to Continue to Rise: White House
A White House spokesperson said today that the administration expected unemployment to continue to rise to at least 10 percent within the next two to three months. More
Swiss Franc Declines on Word of SNB Intervention
The Swiss Franc fell by as much as 0.3 percent against the euro today on word that the Swiss National Bank is prepared to adapt its monetary policy to prevent the currency from further appreciation. More
Posted on July 2nd, 2009 at 6:04 am by Dean Popplewell
All eyes will be down this morning checking the numbers, it’s like playing Bingo. Will you number come up? Despite China playing ‘he said, she said’ the Foreign Ministry supports the USD reserve currency idea, for the time being at least, has given the whiplashed currency newfound support ahead of the main event, NFP. The ECB will not surprise, with so much disagreement amongst policy members, all Trichet will do is elaborate in more detail on their implementation of their ‘unconventional measures’. With a holiday shortened week, the markets have so little time to confuse us even more. Remember ‘less bad is good’!
The US$ is stronger in the O/N trading session. Currently it is higher against 14 of the 16 most actively traded currencies in a ‘whippy’ illiquid trading range ahead of NFP.
The headline print for June’s ADP number yesterday should limit hopes for further declines in the pace of job losses. The print was more than anticipated (-473k vs. -394k), but the ‘positive’ revision to May’s number (-485k vs. -532k) made it more digestible. Superimposing this on today’s NFP number, we... Read more »
Posted on June 25th, 2009 at 4:05 pm by Scott Boyd
Without question, the past two years have been difficult for Ireland, with little hope for meaningful relief anytime soon. Just yesterday, the International Monetary Fund (IMF) said that Ireland’s economy will continue to decline at an “unprecedented” rate, and could shrink by as much as 13.5 percent by the end of next year. Unemployment is currently closing in on twelve percent and is expected to reach seventeen percent within the same time frame.
How quickly fortunes can turn. It was not that long ago that the “Celtic Tiger” was held up as a shining example of a true success story fashioned out of the new global economy. Now it seems, so much of that success was built upon a shaky foundation of government incentives and highly-leveraged land development projects that are now worth much less than the outstanding loans held by the country’s lending institutions. I know, I know – sounds familiar.
Last year, three of Ireland’s largest banks found themselves in danger of failing because of their exposure to these projects and the Irish government signed into law a bill guaranteeing deposits for Ireland’s entire ban... Read more »
Dean's FX
The headline print for June’s ADP number yesterday should limit hopes for further declines in the pace of job losses. The print was more than anticipated (-473k vs. -394k), but the ‘positive’ revision to May’s number (-485k vs. -532k) made it more digestible. Superimposing this on today’s NFP number, we... 
